The central media has shifted, and the court's recognition of the legality of holding cryptocurrency has also been widely publicized. At least for now, cryptocurrency is no longer a scam. As for when it will be allowed, or whether there will be an official Bitcoin ETF (to prevent capital flight), it is probably just a matter of time.
Recently, when trading contracts, I prefer to trade ETH-based contracts rather than USDT-based ones, because if I lose, I won't feel bad losing ETH, but I would feel bad losing USDT. The defense of ETH at 3000 points is almost catching up to the pace of A-shares, and the exchange rate is really terrible. I’ll patiently wait for the later stage; a wave of catch-up is on the way, but don't have too high expectations (new historical highs are difficult), unless US policies are significantly relaxed!
Besides Bitcoin, everything else is suffering because ETFs and institutions only buy Bitcoin, and the amount of ETH purchased is pitifully small. As for whether these companies will buy altcoins in the future, I personally think they might, but it will be hard to see that in the next year or two. So even if the altcoin season comes, it will be an overflow after Bitcoin has peaked.
This viewpoint has been mentioned many times. So when the price of Bitcoin is high enough, the altcoin season will come. The extent of the altcoin surge depends on the overflow of Bitcoin's existing funds. From the current atmosphere of the entire market, this amount may not be very large because there are very few retail investors holding Bitcoin.
This round of adjustments will sift out the real gems, identifying those that can withstand declines. The next wave will be their performance!
